- Think about the total amount of indebtedness and the total
amount interest you will pay. Too many Christians only worry
about the monthly payment, and they don't realize how much money
they are giving away to interest.
- Many Christians consolidate their debt and pay off their
credit cards, only to charge them up again and end up with more
debt than they had before they consolidated. Make sure you either
a) cut up your cards and stop using them or b) pay off the balance
every month, and when you can't pay off the balance, cut 'em
up!
- To get out of debt, Christians need to start living
on a budget to manage their money. This helps maximize
the amount available to pay on debt each month.
- There are only two ways to stop accumulating debt: Make more
money or spend less. A wise Christian will consider
both.
- Measure the cost of the new loan against any benefits it might
bring. As Christians, we need to be wise about debt and no listen
to what the world says.
- Instead of consolidating to lower your payments, for most Christians
it would better to lower your interest rate and keep the payment
the same. That way, you'll get the debt paid off quicker. The
problem with lowering the payment is you extend the amount of
time it takes to pay off the loan.
More Christian debt consolidation info coming
soon... |
